Financial Factors,Openness and the Natural Interest Rate in China

China's financial market has undergone significant changes since financial deleveraging commenced and regulatory supervision was tightened in 2017. Intensifying China–US trade tensions have further increased the uncertainties of external environments. In this article, we use a Bayesian approach instead of the standard maximum likelihood estimation in the Laubach–Williams model to estimate the natural interest rate by considering financial factors and open conditions, and analyze the relationships among the natural interest rate, economic activities and monetary policies. We find that technological and demographic factors are the main drivers of natural interest rates, while financial factors and open conditions also play important roles. In particular, shocks in the financial markets and the external economic environment in recent years are important reasons for the decline of China's natural interest rate. Therefore, it is necessary to strengthen research on the estimation of the natural interest rate to ensure China's transformation into more price‐based monetary policy and high‐quality development.     

Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China

In emerging markets, companies are often organized into corporate groups in which the controlling shareholders control the member firms through stock pyramids and cross-shareholdings. We examine how the incentive for these controlling shareholders to maximize the value of groups results in less delegation of decision rights to the CEO of the member firm and, in turn, how such delegation affects the rate of CEO turnover in response to the financial performance measures reported by member firms. Our results suggest that delegation, measured as the extent to which controlling owners control the board of directors, is negatively associated with the interdependence of member firms. We also find that delegation weakens the sensitivity of the CEO-turnover rate to financial performance measures. These findings extend the literature by providing evidence on how delegation and management-incentive arrangements are jointly determined at the firm level.     

供应链环境下客户关系管理研究

21世纪的竞争,已不是企业与企业之间的竞争,而是供应链与供应链的竞争。如何才能留住客户已成为供应链上各企业生存和发展的必要条件。因此,供应链上各企业必须充分利用好客户关系管理,以维持自身的生存与发展。     

电力市场评价指标体系的构建

电力市场评价体系是各类市场参与者、监管部门和市场运营机构进行市场分析、管理决策的工具,对提高电力市场的科学管理水平有重要作用,对电力工业的健康稳定发展也具有重要的现实意义。基于公平公正原则、总体社会效益最大化原则、指标的必要性和可操作性原则设计了电力市场评价体系,包括市场结构、市场安全、市场运营、市场效益和市场风险等5个方面的指标。     

Putting one-to-one marketing to work: Personalization, customization, and choice

The tailoring of a firm’s marketing mix to the individual customer is the essence of one-to-one marketing. In this paper, we distinguish between two forms of one-to-one marketing: personalization and customization. Personalization occurs when the firm decides what marketing mix is suitable for the individual. It is usually based on previously collected customer data. Customization occurs when the customer proactively specifies one or more elements of his or her marketing mix. We summarize key challenges and knowledge gaps in understanding both firm and customer choices in one-to-one markets. We conclude with a summary of research opportunities.     

上市公司董事会与经营者腐败

本文对上市公司董事会与经营者腐败之间的关系进行了理论与实证分析,发现董事会规模与独立董事比例的增加,会加重经营者腐败现象,而董事会的学历结构以及董事长总经理二职合一,与经营者腐败之间都不存在显著的相关关系。     

文字因缘非偶然--从陆游的《入蜀记》到范成大的《吴船录》

陆游和范成大是南宋诗坛的两颗巨星。他们的文字因缘却并不仅仅限于诗歌。     

房地产项目经济评价中基准收益率设定的探讨

目前我国在项目投资评价中仍采用在经济条件下制定的基准收益率,这已经不符合我国目前市场经济的要求。房地产作为我国的支柱性产业,更不适合采用此基准收益率。借鉴目前国际上使用较为广泛成熟的加权平均资本成本方法,提出适合我国国情的基准收益率的确定方法。     

浅论儒家伦理与苏武精神之关系

苏武精神的实质是爱国主义和民族气节。儒家伦理是苏武精神的思想基础,苏武以自己的人生践行、彰显和提升了儒家伦理。     

车载活塞式体积管故障诊断与排查

体积管的状态良好是量值准确可靠的关键，是原油交接双方经济利益的保证。针对体积管在原油流量计栓定过程中常见的故障，分析成因，提出现场诊断与故障排查方法，在提高原油流量计检定工作效率和质量中具有一定的应用价值。